25th November 2010
In the week that the government announced an overhaul of the school curriculum, Tina Weeks from Serenity Financial Planning says she believes crucial skills should be taught in schools.
Weeks says: ‘I strongly believe that the foundations for learning personal finance skills should rest firmly in childhood.
"Schools should teach at least the basics of saving, budget control, debt and investing with practical scenarios and simulated situations where children can grasp the concepts in action."
According to the Personal Finance Education Group (Pfeg), 93% of parents and teachers think personal finance education should be taught in schools.
Martin Bamford, managing director of chartered financial planning firm, Informed Choice, says he does not believe personal finance skills can be taught too soon.
"I think that it is important for schools to teach personal financial planning, as education is part of the solution to the debt problems people often get into when they leave school.
"While I appreciate the competing pressures within the National Curriculum, as a subject that could have such a profound benefit to society, personal financial education should be near the top of the list of subjects added to the educational calendar."
Personal finance education is currently taught in some schools as an element of PSHE or personal social health and economic education, but it is not compulsory.
Ed Balls, the former secretary of state for children, schools and families, had said PSHE would become a statutory subject in schools from Setptember 2011. But the change of government means that will now not go ahead.
A spokesman for the Department for Education said a review is due to be announced, but that any plans to make personal finance education compulsory now won't take place until next year, or the year after.